- Cygnus Metals (TSXV:CYG) has announced that its subsidiary, CBay Minerals Inc., has received conditional approval from the Critical Minerals Infrastructure Fund (CMIF) for an investment of up to C$1.3 million
- This funding will support pre-construction milestones for its proposed hub-and-spoke operation in the Chibougamau mining camp in northern Québec
- The project boasts high-grade resources, including Measured and Indicated Mineral Resources of 3.6 Mt at 3.0 per cent CuEq and Inferred Mineral Resources of 7.2 Mt at 3.8 per cent CuEq
- Cygnus Metals stock (TSXV:CYG) last traded at $0.12
Cygnus Metals (TSXV:CYG) has announced that its subsidiary, CBay Minerals Inc., has received conditional approval from the Critical Minerals Infrastructure Fund (CMIF) for an investment of up to C$1.3 million.
The Toronto-based miner explained in a media statement that this funding will support pre-construction milestones for its proposed hub-and-spoke operation in the Chibougamau mining camp in northern Québec.
The investment, pending final due diligence by Natural Resources Canada and the execution of a definitive contribution agreement, will cover eligible expenses related to the completion of pre-construction milestones. These include a feasibility study and an environmental and social impact assessment to support the development of two-lane gravel roads and 25-kV electrical powerlines necessary for the future underground mines to operate between the Devlin and Corner Bay deposits and the Chibougamau Processing Facility.
In a significant announcement in Montreal, Canada’s Minister of Energy and Natural Resources, Jonathan Wilkinson, revealed up to C$43.5 million in investments from the CMIF and the Critical Minerals Research, Development and Demonstration program for seven projects aimed at advancing critical minerals research and infrastructure developments in Québec. Mr. Ernest Mast, President and Managing Director of Cygnus, expressed gratitude for the government’s support during the event.
Previously, on November 25, 2024, Minister Wilkinson, alongside Maïté Blanchette Vézina, Québec’s Minister of Natural Resources and Forests, announced up to C$545 million in funding for various programs and projects to advance shared climate priorities and infrastructure developments in Québec. The Ministers also initiated formal collaboration under the Québec–Canada Collaboration Table on Resources and Energy to help the province realize its full potential in a net-zero emissions world.
The Critical Minerals Infrastructure Fund (CMIF)
The CMIF is Natural Resources Canada’s flagship program under the Canadian Critical Minerals Strategy. It aims to support clean energy and transportation infrastructure projects necessary to increase Canada’s supply of responsibly sourced critical minerals and develop domestic and global value chains for the green and digital economy.
Chibougamau Copper-Gold Project – Foreign Mineral Resource Estimate Disclosures as at 30 March 2022
Chibougamau Copper-Gold Project
| Category |
Tonnes
(k) |
Cu Grade
(Per cent) |
Au Grade
(g/t) |
Cu Metal
(kt) |
Au Metal
(koz) |
CuEq Grade
(Per cent) |
| Measured |
120 |
2.7 |
0.3 |
3 |
1 |
2.9 |
| Indicated |
3,500 |
2.5 |
0.6 |
87 |
65 |
3.0 |
| M+I |
3,600 |
2.5 |
0.6 |
90 |
66 |
3.0 |
| Inferred |
7,200 |
3.0 |
1.1 |
216 |
248 |
3.8 |
The Chibougamau Copper-Gold Project is located in central Québec, approximately 480 km north of Montreal. Recognized as a top ten global mining investment jurisdiction in the 2023 Fraser Institute Annual Survey of Mining Companies, the project benefits from excellent infrastructure, including a local mining town, sealed highway, airport, regional rail infrastructure, and access to hydro power via installed powerlines.
The project boasts high-grade resources, including Measured and Indicated Mineral Resources of 3.6 Mt at 3.0 per cent CuEq and Inferred Mineral Resources of 7.2 Mt at 3.8 per cent CuEq. Cygnus Metals sees substantial opportunity to create shareholder value through its established high-grade resource, excellent infrastructure, 900 ktpa processing facility, and clear pathway to production, all within a mineral-rich terrain that has seen minimal modern exploration.
Cygnus Metals Ltd. is a critical minerals exploration and development company with projects in Québec, Canada and Western Australia.
Cygnus Metals stock (TSXV:CYG) last traded at $0.12 and though it has lost 7.69 per cent this week, it has risen 9.09 per cent since this time last month.
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